Dr Muhammad Shahid
ISLAMABAD
The Federal Investigation Agency (FIA) has taken a major step towards preventing the misuse of virtual currencies by establishing a dedicated Virtual Currency Investigation Cell to monitor and investigate illegal activities involving cryptocurrencies and blockchain technology.
According to officials, the newly established specialized unit will focus on preventing the criminal use of digital assets, including the financing of banned organizations, money laundering, cyber crimes, and financial fraud carried out through virtual currencies.
The FIA’s Virtual Currency Investigation Cell will also establish a National Command and Control Centre, where relevant national and provincial institutions, including the National Accountability Bureau (NAB), police departments, Federal Board of Revenue (FBR), National Counter Terrorism Authority (NACTA), and other concerned agencies, will collaborate to investigate cases involving digital assets.
The specialized cell will conduct forensic analysis of suspicious cryptocurrency transactions, blockchain activities, and cold wallets to trace illegal financial networks and identify individuals involved in criminal activities. Officials said that modern technology and international best practices will be adopted to dismantle networks involved in digital financial crimes.
The initiative has been launched in line with the requirements of Pakistan’s National Action Plan and recommendations of the Financial Action Task Force (FATF) aimed at strengthening measures against money laundering and terror financing.
Meanwhile, the Pakistan Virtual Assets Regulatory Authority (PVARA) will regulate the virtual assets market in the country. Only licensed cryptocurrency service providers will be allowed access to the formal banking system, while strict action will be taken against individuals and entities involved in illegal or undocumented cryptocurrency trading.
The notification for the establishment of the Virtual Currency Investigation Cell was issued with the approval of the Director General FIA.
